Members come to your credit union (and stay) for the products and services you offer to them. That could start with a checking account and be supplemented by a savings account or a credit card. Without a complete picture of what other products and services your members may need, you’re missing opportunities to provide them with other profitable products and services, like a car loan, a mortgage, a home improvement loan, or even a loan for an RV, motorcycle or recreational vehicle. Perhaps more importantly, you’re not serving them in a way that builds a deeper, stronger, and possibly financially healthier relationship. Members expect that you “know them” well enough to suggest and offer products and services that they will benefit from.
Today, most credit unions are sitting on a ton of data that needs to be mined and used to help members make better choices and fulfill their financial needs. Most adults have a relationship with multiple financial institutions—not always because they wish to diversify, but because they don’t know the full extent of the products and services their credit union offers. “Build it and they will come” just doesn’t work in today’s heavily advertised world. You must have the ability to understand what your members need, what products and services they utilize (and don’t utilize) and how you can market your offerings that fit their needs most effectively. And that’s where data analytics comes in. You need a 360-degree view of your members. That requires integrating multiple data sources from all the various platforms you use to better identify where opportunities to grow additional product and service opportunities lie. Data from your core data processing platform, your credit card provider data, data from your online/mobile banking system, lending LOS data, credit scores, and transactional activity, including ACH payments to other financials.
By integrating these disparate data sources into a data warehouse that can be manipulated and displayed, you can’t effectively make the kinds of decisions that benefit your members or your credit union. Wouldn’t it be great if you overheard your members saying, “my credit union really knows me and understands exactly what I need?” You owe it to your members to be that for them. At the same time, increase your credit union’s product penetration, product usage and overall profitability. You can and Cuery can help you get there.
How We Can Help
To put it simply, Cuery allows you to take advantage of one of your most valuable assets to provide broad business value: your data. We help solve your many of your key business challenges, like:
- Increasing member product usage & profitability
- Improving strategic decision-making
- Increasing back office efficiency
- Ability to compete effectively
What else can Cuery do?
💳 Increase Credit Card Usage
If your credit union offers a credit card to members, are you maximizing its full potential to generate interest income and interchange income—two great sources of income that many credit unions haven’t fully leveraged?
Many credit unions outsource their credit card servicing to a third-party provider. Gaining access to member data credit card usage and combining that with other member data can be either complicated or, if done at all, a manual process. Using a data analytics solution can help maximize credit card revenue in two streams. Having a holistic view of your members and knowing their spending patterns, behaviors, credit score and other data will help you identify opportunities to increase credit card revenues. Cuery can help you use your data to increase member credit card usage, giving your credit union the lift it needs right now.
Yep, Cuery can.
🔑 Generate more loans
Every credit union today is looking to make more loans. Do you know which of your members is most likely to borrow from you? Wouldn’t it be great if you knew if your members had loans at financial institutions besides yours, especially if you offered a lower rate? No credit union wants to make bad loans. Knowing your members’ credit scores, credit risk and proclivity to borrow is important in today’s tight lending market.
Having a 360-degree view of your members and knowing their life stage, their spending patterns and behaviors, their credit score and other data will help you make wiser lending decisions, uncover lending opportunities that you may not have been aware of, and spend smarter with your scarce marketing dollars by knowing where and when those opportunities exist. Cuery can help you make more loans and spend less time and money to make them – by using the data you already have but haven’t been able to mine.